Maple finance lending expands the Solana network to a bid to reach a wider class of users.
According to a June 5 announcement shared with Cointelegraph, the company is dumping syrupusd ani-bearing stablecoin on Solana Kamino and Orca-based platforms. The coin is previously only available in the Ethereum blockchain.
Maple’s Solana’s integration launches $ 30 million in liquidity, which the company says will establish “a deep and stable foundation for lending, trading, and collateral allocation” to the ecosystem.
Related: Solana lacks the ‘convincing signs’ of Besting Ethereum: Sygnum
The integration is strengthened by a integration with the Chainlink’s Crosschain Interoperability Protocol (CCIP), which Went live to Solana Mainnet on May 19. CCIP allows for data transfer across Ethereum Virtual Machine and Solana Virtual Machine, and is said to “speed up cost scale.”
“Expanding in Solana opens a high-speed, high capacity environment where maple products can reach a broader class of users-from institutions to advanced Defi participants,” Maple co-founder and CEO Sid Powell said in a statement.
Solana has a burgeoning decentralized financial ecosystem. Total amount locked (TVL) on the network Rose 500% in the past 18 months, up to $ 8.4 million from $ 1.4 billion in December 2023.
In Solana ecosystems, lending protocols that can compete with maple include saving, margin.fi, rain.fi and port finance. Maple has a TVL of $ 1.3 billion in this writing.
Ethereum still led all blockchains at the onchain value, with $ 61.4 billion in possessions, making it one of the more popular destinations for decentralized finances (DEFI) despite a 43% Refusal Since 2021, however, it has faced a growing competition from other blockchains, including Solana.
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